Platinum breaks below $1000 per ounce

Platinum futures plunged below psychological $1,000 level as top consumer China continued to grapple with rising Covid cases which made the possibility of an economic reopening more uncertain, thus clouding the outlook for demand. On the other hand, the market deficit may increase to 219,000 ounces in 2023, compared with a 974,000 ounces surplus in 2022, according to data from the World Platinum Investment Council. Beyond the decline in global supplies was persistent uncertainty surrounding Russian exports. Russia is the world's second-largest platinum producer after South Africa.

Platinum supply-demand balance 2013-2022. Source: Metals Focus via World Platinum Investment Council

Platinum recently pulled back from recent highs around $1046.00 which is marked with 38.2% Fibonacci retracement of the upward wave launched in March 2020 and broke below $1000.00 support. If current sentiment prevails downward move may accelerate towards support at $965.00 which is marked with previous price reactions. Source: xStation5

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Platinum breaks below $1000 per ounce

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